I want to start a Pension/PRSA

Saving for retirement is important. People are living longer and leading more active lives in retirement. As a result it is more important than ever for you to think about where your income will come from when you retire.

It is important for you to take control of your retirement planning and make decisions regarding your pension irrespective of your age. It is often not appreciated that membership of a pension scheme can be an extremely valuable asset.

The Pensions Authority has an online calculator which allows you to estimate the amount of money you would need to contribute to a pension in relation to your age and current yearly salary to end up with the level of pension you expect in retirement. The calculator can be accessed on this page.

Pension guides, which provide information in relation to the types of pension plans you can use to save for your retirement - occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) - are available under 'Workplace pensions' and 'PRSAs'.

For further information on understanding the various type of pensions see the 'Understanding your pension' section.